Subsequent Events

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

On January 28, 2020, the Company consummated a Registered Direct Offering of an aggregate of 177,500 shares of its Common Stock at a purchase price of $8.00 per share for aggregate gross proceeds of approximately $1.42 million, before deducting fees payable to the placement agent and other estimated offering expenses payable by us. In a concurrent private placement, we also agreed to issue and sell warrants exercisable for an aggregate of up to 177,500 shares of Common Stock which represents 100% of the shares of Common Stock sold in the Registered Direct Offering, with an exercise price of $9.00 per warrant share. In connection with the Registered Direct Offering, the Company paid H.C. Wainwright & Co., LLC, as placement agent, a cash fee of $106,500, a management fee of $14,200, $40,000 for non-accountable expenses and clearing expenses of $12,900. In addition, the Company issued H.C. Wainwright & Co., LLC or its designees, a warrant to purchase 13,313 shares of Common Stock at an exercise price of $10.00 per share.

The January 2020 registered direct offering resulted in an additional downward adjustment of the exercise price of adjustable warrants from $19.00 per share to $7.126 per share.

On February 6, 2020, the Company issued 24 shares of Common stock to shareholders of record in connection with fractional shares as a result of a 1-for-20 reverse stock split of our outstanding common stock on February 4, 2020.

On March 2, 2020, the Company issued 51,414 shares of Common stock for the cashless exercise of 47,250 common stock warrants and in settlement of outstanding indemnification costs of $238,000 that were reserved for at December 31, 2019.

On March 4, 2020, the Company consummated a Registered Direct Offering of an aggregate of 176,372 shares of its Common Stock at a purchase price of $3.005 per share for aggregate gross proceeds of approximately $0.5 million, before deducting fees payable to the placement agent and other estimated offering expenses payable by us. In a concurrent private placement, the Company also agreed to issue and sell warrants exercisable for an aggregate of up to 176,372 shares of Common Stock which represents 100% of the shares of Common Stock sold in the Registered Direct Offering, with an exercise price of $2.88 per warrant share. In connection with the Registered Direct Offering, the Company paid H.C. Wainwright & Co., LLC, as placement agent, a cash fee of $39,750, a management fee of $5,300, $10,000 for non-accountable expenses and clearing expenses of $12,900. In addition, the Company issued H.C. Wainwright & Co., LLC or its designees, a warrant to purchase 13,228 shares of Common Stock at an exercise price of $3.7563 per share.

The March 2020 Registered Direct Offering resulted in an additional downward adjustment of the exercise price of adjustable warrants from $7.126 per share to $2.1122 per share.